Sales Beat

Marcus & Millichap Arranges $6.4M Upper East Side Sale

319 East 90th Street.

Marcus & Millichap has arranged the $6.4 million sale of a 9,000-square-foot, five-story residential walk-up building at 319 East 90th Street on the Upper East Side, Commercial Observer has learned.

The building, located between First and Second Avenues, contains 20 apartments, with 12 one-bedrooms and eight studio apartments, 17 of which are free market. Read More

In the Market

Google Eyes More NYC Space

Renderings of 450 West 33rd Street

Internet giant Google is in the market for up to 600,000 square feet of office space in Manhattan—enough to hold more than 3,000 employees, The Wall Street Journal reported.

Google could potentially expand to 450 West 33rd Street or St. John’s Terminal at 550 Washington Street, according to sources cited by the Journal. Brookfield’s 450 West 33rd Street boasts floor plates of 100,000 square feet and is being renovated to the tune of $200 million. Read More

Sales Beat

Sunset Park Development Sells for Nearly $20M

Sunset

Marcus & Millichap has arranged the sale of a 123,785-square-foot, two-story industrial building at 150 52nd Street in Sunset Park, Brooklyn for $19.5 million.

The lot currently holds an industrial building with seven commercial tenants and a 30,631-square-foot open parking lot, but it carries with it 201,930 square feet of total buildable air rights. The demand for development opportunities in the area led to a sale price that came in $2.7 million over the asking price, brokers said. Read More

Lease Beat

Hale & Hearty Takes Space in MetroTech Center

2 MetroTech Center

Hale & Hearty Soups will be opening at 2 MetroTech Center in Downtown Brooklyn this fall after signing a 10-year lease for 1,760 square feet, MetroTech Center developer Forest City Ratner Companies announced.

New York-based Hale & Hearty, which has 30 locations in Manhattan, Brooklyn and Long Island, sells sandwiches made with artisanal breads, salads and 15 to 20 different soups per day. All soups are made from scratch in Hale & Hearty’s Brooklyn kitchens. Read More

Assignments

C&W Wins Citigroup Assignment

388-390 Greenwich Street.

Citigroup has hired Cushman & Wakefield to manage its real estate portfolio in the U.S. and Canada, according to The Wall Street Journal.

The real estate services company will assume responsibility for the investment bank’s 27 million square feet of office, retail and data space from JLL, which chose not to bid on the contract when it came up for renewal, the Journal reported. The assignment includes Citigroup’s headquarters at 388-390 Greenwich Street in Tribeca, which is triple-net leased to the bank through 2035. Read More

Mortgage Observer

Sam Chang Closes on West 37th Street Lot, Will Become a Gene Kaufman Hotel [Updated]

Rendering of 326 West 37th Street.

Prolific hotelier Sam Chang‘s McSam Hotel Group secured a roughly $25 million bridge loan to fund the acquisition of a development site on 37th Street between Eighth and Ninth Avenues.

The 10,000-square-foot parking lot at 326 West 37th Street will become a Gene Kaufman-designed hotel with 242 rooms, according to the architect’s office. At 22 stories, the hotel will have a gym, meeting room and ground-level restaurant/bar. The brand is still to be determined. Read More

Lease Beat

The Children’s Place Coming to Flushing Mall [Updated]

40-24 College Point Blvd.

Children’s apparel and accessories store The Children’s Place will be setting up shop at The Shops at SkyView Center in Flushing, Queens.

The new digs will occupy 3,799 square feet on Level B, the Wall Street Journal reported. The asking rent was $75 a foot for the 10-year lease. The Children’s Place brings the mall to 95 percent leased and the mall’s developer, Onex Real Estate Partners, is reportedly talking to two other national children’s retailers for the remaining two spaces. Read More

Lease Beat

Fabric Supply Company Trades Long Island for Midtown South

381 Park Avenue South.

Source 360, a supplier of industrial and home furnishings fabrics, has signed a 10-year lease for a 2,407-square-foot portion of the 13th floor at ATCO Properties381 Park Avenue South, Commercial Observer has learned. Asking rent for the space was $55 per square foot.

The tenant, an affiliate of Next Fabrics, is expected to relocate from its Port Washington headquarters on Long Island this summer. Read More

Relocation

Morrison & Foerster Moving in at 250 West 55th Street

250 West 55th Street. (Credit: Boston Properties)

Morrison & Foerster will be the first tenant to move in at 250 West 55th Street, according to an email to clients viewed by Commercial Observer. The law firm will officially relocate from 1290 Avenue of the Americas on Monday.

The move comes nearly three years after Morrison & Foerster first signed a lease at Boston Properties’ new tower. The firm’s initial 15-year commitment for 180,000 square feet of space on the 17th through 23rd floors allowed the developer to proceed with construction of the tower, which had been delayed during the recession. Approximately a year later, Morrison & Foerster signed a lease for an additional floor at the building. Read More

Mortgage Observer

MBA Report Shows Increased Lending Across All Property Types in 2013

Money_Cash

Commercial mortgage origination exceeded expectations in 2013, with $358 billion in loans on commercial and multifamily properties closed, according to the annual origination summation report from the Mortgage Bankers Association.

The report, unveiled earlier this week, showed banks invested $100.5 billion last year–28 percent of the annual volume–while CMBS, CDO and ABS issuers invested $79.8 million, which accounted for 22 percent of the overall volume amount. Life insurance companies and pension funds did $60.2 billion in deals—17 percent of the year’s total. Read More

The Lobby

Industry Vet Corey Abdo Joins Coldwell Banker Commercial Alliance

Corey Abdo

Veteran Manhattan broker Corey Abdo has joined Coldwell Banker Commercial Alliance as an executive managing director of leasing and sales in its New York City offices, Commercial Observer has learned.

Mr. Abdo, who has negotiated more than two million square-feet of real estate transactions over a career spanning 25 years, will continue to provide both owner representation and tenant advisory services to clients throughout the Metropolitan area. Read More